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| OBC to raise Rs 250 crore via Tier MUMBAI, Nov 20: Oriental Bank of Commerce (OBC) today said it will raise Rs 250 crore (Rs 125 crore with a green shoe option) through Tier I Perpetual Bonds on Private Placement Basis..........more Realty firms eye stock market with over $5 bln IPO plans NEW DELHI, Nov 20: On the heels of huge success of Parsvnath Developers' public issue that generated demand .......more World's largest monitor co is bullish about India KOLKATA, Nov 19: Terming India as a high growth area, the global leader in computer monitors, TPV Technology Limited today said that it hoped to corner nearly ........more Jindal Saw BoD to consider FY06 results on Nov 28 NEW DELHI, Nov 20: Jindal Saw Ltd, part the 4 billion dollar Jindal Group, today said its Board of Directors (BoD) will meet on November 28 to consider ........more |
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Pioneer Embroideries to consider
fund raising plan NEW DELHI, Nov 20: Pioneer Embroideries Ltd today said a meeting of its Board of Directors will be held on November 27 to consider raising of funds through including global depositary .........more US agri exports to India set to increase NEW DELHI, Nov 20: US agri and food product exports to India are expected to get a big boost following high allocation of funds by Washington for their ..........more Camlin gets Bombay HC nod for scheme of arrangement MUMBAI, Nov 20: Writing instruments and art material manufacturer, Camlin Ltd today said the Bombay High ......more Vedanta's power sector plans may weaken credit profile: S&P NEW DELHI, Nov 20: Global rating agency Standard & Poor's today said London-based Vedanta Resources' plan to enter .............more |
OBC to raise Rs 250 crore via Tier MUMBAI, Nov 20: Oriental Bank of Commerce (OBC) today said it will raise Rs 250 crore (Rs 125 crore with a green shoe option) through Tier I Perpetual Bonds on Private Placement Basis. The bond will have coupon rate of 9.40 per cent per annum, the Bank informed the Bombay Stock Exchange. The issue is likely to open tomorrow for subscription, it said. The shares were trading at Rs 243.10 crore, down 3.67 per cent, on the BSE. (PTI) |
NPCIL to change its HR policy to retain young engineers:Jain MUMBAI, Nov 19: The nuclear power industry, which is expected to grow fast in the next few decades in the country and with the attrition rate in Nuclear Power Corporation of India Limited (NPCIL) on the rise, the Human Resource (HR) Policy of NPCIL will undergo some changes. "Like any other company, the attrition rate in NPCIL has increased and to retain our young engineers, we have to change our HR policy, " says Chairman and Managing Director, S K Jain. "We are seriously working on new HR strategy as many of the young engineers are attracted to IT companies with handsome salaries. It is our priority to retain them to carry out country's ambitious nuclear power programme by improving the pay package considerably," Jain told PTI. "One of the most important change that NPCIL is going to make will be hike in pay packages besides giving orientation on how to be technology conscious and sector conscious", Jain said. "We are witnessing atleast two resignation per week and about 200 people are retiring every year," he said adding that "our total strength of scientific manpower currently is 13,000." "We are planning to induct atleast 500 young engieers every year to fill the void created by attrition and retirements," Jain said. As a Public Sector Undertaking especially as an infrastructure unit, NPCIL has the flexibility and add some kind of additional in the pay packet in the form of social benefit, welfare measure and shift allowance. "We will also make use of the expertise of the retired persons in building up our HR and we have put up a proposal before the Centre," Jain added. (PTI) |
Realty firms eye stock market with over $5 bln IPO plans NEW DELHI, Nov 20: On the heels of huge success of Parsvnath Developers' public issue that generated demand for over Rs 60,000 crore worth shares, domestic real estate firms are planning to raise nearly Rs 22,500 crore through their public offerings. The presence of Indian property sector has been negligible on the Dalal Street so far with a handful of listed realty firms accounting for less than 1 per cent of the country's overall stock market capitalisation. However, it could be a different scenario altogether with more than a dozen companies finalising their plans to hit the capital market. Out of these, at least five companies are likely to hit the market with their IPOs on the domestic or international stock exchanges before the end of this fiscal year, which could generate a collective amount of Rs 18,000 crore (over 4 billion dollars). Besides, two already listed real estate firms -- Unitech and Ansal Properties are believed to be mulling over plans to raise further capital from the international markets or through the follow-on public offerings (FPOs). Investment bankers close to the developments said that the two companies could collectively generate over 1 billion dollars (Rs 4,500 crore) from the domestic or international markets -- which would take the combined total proceeds for the sector to Rs 22,500 crore (over 5 billion dollars). (PTI) |
DTC site holder, B Vijaykumar & Co to open 15 retail outlets MUMBAI, Nov 19: A DTC site holder and exporter of diamonds and finished jewellery, B Vijaykumar and Company, will open its 15 stand-alone designer retail jewellery outlets by March 2007 in ten cities even as it targets a Rs 10 cr turnover in its first year of operation. The retail expansion plan also covers opening of 50 to 75 shop-in-shops. Christened as "Hoop", its stores have been specially designed targeting the youth, both men and women, and will besides focus at development of the rudimentary men's market. The size of the jewellery outlets would range betwen 350 to 600 square feet. Presently there are seven Hoop stores with three in Mumbai and four in Delhi ranging from 100-to-over-750 square feet. The company, however, did not divulge the exact investment figures but its director Rajeev Shah said, "Typical stores are created at a rate of Rs 2,500 per square feet with merchandise of approximately Rs 20 lakh in each outlet and of Rs two lakhs at Shop-in-Shops." The products to be available will be in silver, titanium, tungsten, steel, rubber and leather with diamonds and colour stones. The company today houses more than 10,000 skilled workers globally. With factories spread over 60,000 sq ft, the group produces more than 1.5 million pieces of finished jewellery annually. It has marketing offices in Mumbai, Delhi, Miami, Los Angeles, New York and Hong Kong. (PTI) |
Pioneer Embroideries to consider fund raising plan NEW DELHI, Nov 20: Pioneer Embroideries Ltd today said a meeting of its Board of Directors will be held on November 27 to consider raising of funds through including global depositary receipts and American depositary receipts for its expansion. Pioneer Embroideries' subsidiary Hakoba Lifestyle, engaged in womenswear, recently roped in Bolloywood stars Hema Malini and Esha Deol as its Brand Ambassadors. (UNI) |
US agri exports to India set to increase NEW DELHI, Nov 20: US agri and food product exports to India are expected to get a big boost following high allocation of funds by Washington for their agri-trade bodies which have presence in this country. The visit of US agriculture secretary Mike Johanns, who arrived in India on Saturday, is also expected to give a fillip to these efforts. The US Government last week announced a 200 million dollars budget for promoting its agricultural products exports in 2006 (US fiscal year). Johanns announced the decision in Kansas city on November 15 before leaving for India. "USDA supports efforts to reach out to consumers around the world to demonstrate the high quality and variety of American food products," Johanns said. The US would be funding 67 trade organisations through which it has targeted to increase the country's agricultural exports to 68 billion dollars in 2006 against 62.5 billion dollars in the previous year, a USDA report said. India, which imported US agricultural and food products worth Rs 1,514.60 crore in 2005-06 has been the focus of attention of many of the American trade promotion bodies. During the first quarter of the current fiscal the import of these products to India from the US stood at Rs 449.89 crore. (PTI) |
Camlin gets Bombay HC nod for scheme of arrangement MUMBAI, Nov 20: Writing instruments and art material manufacturer, Camlin Ltd today said the Bombay High Court has approved the scheme of arrangement between Camlin Fine Chemicals Ltd and itself. The Bombay High Court, at the hearing on November 17, approved the scheme of arrangement for the proposed demerger of Fine Chemicals Division of the company into Camlin Fine Chemicals Ltd, the company informed the Bombay Stock Exchange. The board meeting of the company in order to give effect to the demerger would be held on the receipt of the High Court order, it added. The Bombay High Court had approved the scheme of arrangement between Camlin, Camlin Fine Chemicals and their respective shareholders. The shares of the company were trading at Rs 167, up 2.74 per cent, on the BSE. (PTI) |
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Vedanta's power sector plans may weaken credit profile: S&P NEW DELHI, Nov 20: Global rating agency Standard & Poor's today said London-based Vedanta Resources' plan to enter into the commercial energy business may adversely impact the company's credit profile. S&P's Rating Services said the company's credit profile may weaken due to the exposure to risks associated with greenfield investments. The proposed USD 1.9 billion investment for construction of a 2,400 MW power plant and its plans to grow further in this sector, along with the ongoing USD 2.9 billion expansion in the metals business, point toward greater-than-expected dependence on debt, the rating agency said in a release. Vedanta is a diversified metals and mining group, with majority of its production facilities and 48 per cent of its sales in India. The metals giant has a foreign currency rating of BB negative. The negative outlook reflected the persisting uncertainty in obtaining licenses for mining bauxite in Orissa -- a key component of its expansion in the aluminium segment. In addition, S&P would assess the impact of the proposed power sector investments, including the means of financing, on the outlook and the ratings, it said. To an extent, the impact of potentially higher debt is mitigated by favorable price environment and higher output, resulting in improved cash flows from the core metals business of the company, it said. (PTI) |
Taneja Aerospace to issue 23 lakh shares to foreign fund.. MUMBAI, Nov 20: Aircraft manaufacturing company Taneja Aerospace & Aviation Ltd today said it will issue 23.50 lakh equity shares to foreign fund, Merrill Lynch Capital Markets Espana SA SV, at Rs 155 each on preferential basis for Rs 36.42 crore. The board of directors, at its meeting today, approved the the issue of 23.50 lakh equity shares to Merrill Lynch Capital Markets Espana at Rs 155 per share (including a premium of Rs 150 per share) on preferential basis, Taneja Aerospace informed the Bombay Stock Exchange. Consequent to the said allotment of equity shares, the post shareholding of the allottee would be 9.43 per cent. The board has convened an Extraordinary General Meeting of the shareholders on December 18, to approve issue of equity shares on preferential basis. (PTI) |
Tata Indicom launches One Nation tarrif CHANDIGARH, Nov 20: In line with its commitment to offer the most competitive tariffs to make telephony affordable to the common man, Tata Indicom today announced the launch of its One Nation plan for all its Post paid Walky customers. At a monthly rental of Rs 180 per month the new plan will also offer Walky customers free calling value of Rs 50 per month. Under the plan all local and STD calls will be charged at the rate of Re one per minute instead of Rs 2.40 per minutes as charged earlier. Tata Indicom customers can make STD calls to any other Tata Indicom phone a cross the country at a flat rate of Re one per three minutes. With this initiative, Tata Indicom has become the first operator to offer such affordable calling rates to its customers, Mr Subhash Arya, COO Punjab, Tata Teleservices said today. Available to both the existing as well as new Walky postpaid customers, the One Nation plan is designed to provide the best value for money for home users, who have heavy STD and within the network-calling requirement, Mr Arya said. (UNI) FDI rises 100 pc in H1 to 4.4 billion dollars. NEW DELHI, Nov 20: India is poised to achieve the target of attracting 10 billion dollars of Foreign Direct Investment this year as inflows have nearly doubled to 4.4 billion dollars in April-September 2006. "The buoyancy in FDI in the first six months is likely to continue in the second half of the year as well exceeding the target of 9-10 billion dollars," Commerce and Industry Minister Kamal Nath said today. In September 2006, FDI inflows grew 225 per cent to 916 million dollars as compared to 282 million dollars in the same month last year. The Chennai region, including Pondicherry, recorded the maximum growth of 211 per cent, attracting 437.3 million dollars in FDI, largely due to greater activity in computer hardware and leather. In absolute terms, Delhi region continues to remain on top of the table with 936.5 million dollars FDI inflows, showing a growth of over 25 per cent. The Mumbai region was second on the chart with total inflows of 867.5 million dollars. Helped by Comprehensive Economic Cooperation Agreement, Singapore moved ahead of the US and UK as the second biggest source of FDI inflows. Mauritius, because of the Double Taxation Avoidance Agreement, is still the largest source of investment with 2.45 billion dollars. Services attracted maximum investment of 1.5 billion dollars showing growth of 350 per cent the growth. Telecom sector with inflows of 405 million dollars showed the maximum growth of 950 per cent. DSP Merrill Lynch and AAA Global Ventures of Singapore are the top two investors, together bringing in more than 850 million dollars. Mphasis BFL, which has been acquired by EDS, has attracted an investment of 365 million dollars, while Maxis Communications of Malaysia, which acquired stake in Aircel, has brought in another 278 million dollars. Other major inflows included 138 million dollars in India Bulls, 97 million dollars in Citi Financial Consumer and 70 million dollars in Orange reality limited. Writer and Publisher Limited, engaged in the printing and publishing of newspapers, has also attracted FDI of 32.29 million dollars. Nath said the National Manufacturing Competitiveness Council’s target of more than 12 per cent growth in manufacturing in the 11th plan period has been achieved in the last year of the 10th plan itself. (PTI) |
Gas pricing through auction, minimum floor at $3.50-4 per mBtu NEW DELHI, Nov 20: The Government is likely to make it mandatory for natural gas producers to auction the fuel to consumers within a fixed price band instead of the present practice of entering into negotiated deals. "All gas sales from blocks awarded under New Exploration Licensing Policy will have to be done through competitive bidding route. For such purposes, the government will prescribe a minimum floor price (to protect its revenues) and a ceiling price (to protect consumer interest)," an oil ministry official said. The minimum floor price is likely to be 3.50-4 dollars per million British thermal unit (mBtu) while the ceiling is likely to be around 6 dollars per mBtu. The new policy is being evolved after the ministry rejected a proposal of Mukesh Ambani-run Reliance Industries Ltd, the owner of 50 trillion cubic feet KG-D6 field, to an Anil Ambani Group company on grounds that the price of 2.34 dollars per mBtu was not arrived at on an arms-length basis. The official said gas producers were free to enter into long term sales agreements, but would have to discover market price every three years. "Government is entitled to a certain percentage of the production from fields. Since this share, known as profit petroleum, is taken in cash and not in kind (physical gas delivery), it is directly proportional to the price. A low price will impact Government revenues," he said. The new policy would have an impact on not only the RIL-RNRL deal but also the RIL-NTPC gas agreement, both of which are in courts. The official said the Government would have lost about 7.5 billion dollars (Rs 34,500 crore) in revenues if it had allowed Mukesh Ambani-managed Reliance Industries to sell natural gas to brother Anil’s group company at a price not discovered through competitive bidding. At 2.34 dollars per mBtu, the price at which RIL proposed to sell 28 million standard cubic meters per day of gas to RNRL, the government would have received 1.105 billion dollars in profit petroleum and royalties over the 17-year life of the gas field in Krishna-Godavari basin. But, at 4.75 dollars per mBtu, the price at which RIL currently sells gas from Panna/Mukta and Tapti fields, public exchequer would have got 8.55 billion dollars in royalties and profit petroleum (Government’s share in output), he said. RIL also previously bid to sell gas to NTPC Ltd at a delivered price of 3.18 dollars per mBtu, but has not performed the contract. Both NTPC and RNRL have approached the Bombay High Court, seeking execution of contract with RIL. (PTI) |
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